We live in a world where a lot of people rip creators to bits by stealing their music, software, games, books, etc. Indeed, we have an endless list of the arts that usually end up in the hands of people who think that creating work is worthless. Regrettably, these thieves make a successful career of the efforts of others. How sad! Come to think of it, if that’s not wickedness, then what is?
Creators give everything trying to perfect their works. In addition to that, some of them resort to borrowing just to promote their works. Sadly, “some smart guy” enjoys the fruit of their labor. While governments have had to enact stringent laws to punish the culprits, this move appears as a reactive measure. Unarguably, reactive measures typically do not solve enough problems. On the other hand, the as-is preventive measures used to protect the rights of creators don’t seem to be returning the desired results. What is the way out?
Creators Against the Creative Industry Menace
Blockchain technology can be the way! Look at it this way, people know blockchain as an immutable ledger. Moreover, blockchain is a technology that has both trustlessness and trustworthiness as its attributes at the same time. Imagine using this innovative technology to track how people use a piece of content or interact with it. With the topnotch qualities of blockchain, there will be an on-chain record of the provenance of content and sharing of royalties. With this system, creators can heave a sigh of relief that they will get the rightly accrued royalties on their content.
Ujo about to Make That Happen
An Ethereum-based music creation and royalty payment control platform, Ujo, has taken commendable steps to protect the works of content creators. To this end, the platform is partnering with English singer Imogen Heap. With Ujo, artists wouldn’t have to worry about royalty payments as it is smart contract-based. Specifically, Ujo is digitalizing artists’ music rights and metadata, while sharing their works in an open ecosystem. By doing so, the platform is enabling new applications, services and licenses, which enable seamless royalty payment to artists.
Can Ujo Tokenize Intellectual Property?
By managing the intellectual property on blockchain, it is easy to tokenize it. In this case, the process becomes the license of the creative works. So, access to it is only possible with tokens. This effectively leaves the artists with the power to control their works as well as cutting off middlemen. More importantly, this approach will enable people to support their artists.
Machi X, a brainchild of Taiwanese rapper Jeffrey Huang, is exploring this approach. The company has created a one-stop shop for token development. On the platform, creators can release their works and list their IP on the exchange. Indeed, blockchain technology and smart contracts are on course to making a reality the concepts of intellectual property protection and royalty payment.
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